Goldman Sachs said Friday that it is cutting the firm’s estimates for U.S. growth in the second half of this year to between 1 percent and 1.5 percent, as it sees the economy “losing further momentum.”

“In light of the downshift in the data this week, we are cutting our second-half growth forecasts further,” Goldman said in a research note. It was the firm’s third cut in GDP estimates in August.

Goldman now expects gross domestic product growth of 1.0 percent in the third quarter and 1.5 percent in the fourth â€” both down from 2.0 percent previously.

“From already quite low growth rates, it appears that the U.S. economy is losing further momentum,” Goldman said.